Latest update on major events announcements from Shanghai and Shenzhen listed companies on the evening of March 31

On the evening of March 31, multiple listed companies in the Shanghai and Shenzhen A-share markets released company announcements. The following is a summary of important announcements.

【Stock Moves】

Hongchang Technology: Indirect investment in “Zhang Xue Motorcycle,” but its impact on the company is limited

On March 31, Hongchang Technology (301008) issued an announcement regarding abnormal fluctuations in its stock trading. The company noted that in recent public media coverage, there were many reports about “Zhang Xue Motorcycle” winning a championship in the WorldSSP class at the Portuguese round of the World Superbike Championship (WSBK). Market attention is high, and the reports also focus on the company’s indirect investment in “Zhang Xue Motorcycle.” The company hereby explains the matter as follows: In August 2025, the company, as a limited partner, together with other partners, invested in the Jinhua Zhejiang Chuang Jinyi Intelligent Control Venture Capital Partnership (Limited Partnership) (abbreviated as “Jinyi Intelligent Control Fund”), with a subscribed total capital amount of 503 million yuan. The company subscribed 150 million yuan using its own funds, representing 29.82% of the investment proportion. In January 2026, the Jinyi Intelligent Control Fund completed its investment in Chongqing Zhang Xue Motorcycle Industrial Co., Ltd.; in March 2026, the industrial and commercial registration changes were completed. After the investment was completed, the fund held 5.5046% equity of Zhang Xue Motorcycle. This investment by the company is a financial investment, and its impact on the company is limited.

Hongquan Technology: The two-wheeler business currently accounts for a relatively small share of the company’s revenue

Hongquan Technology (688288) issued an announcement regarding abnormal fluctuations in its stock trading on March 31. The company mainly provides vehicle-mounted terminal products and services such as intelligent connected-vehicle systems and intelligent cockpits for commercial vehicles and passenger vehicles. The company’s two-wheeler business mainly provides terminals to customers, including intelligent instrument clusters, intelligent connected-vehicle systems, controllers, and so on, as well as networked management services such as data management platforms and mobile apps. However, currently, sales revenue from the two-wheeler business accounts for a relatively small proportion of the company’s revenue, so it does not constitute a major impact on the company’s operating performance. At present, competition in the two-wheeler industry is fierce and technology iteration is fast. Meanwhile, OEMs are relatively sensitive to the cost of components. The industry may face potential risks such as faster technology iteration, intensified market competition, year-over-year product price reductions, and changes in supply-and-demand dynamics.

Two-sided Needle: The controlling shareholder will change to Guangxi Guokong | Stock Recap

Two-sided Needle (600249) announced on March 31 that on March 31, 2026, Guangxi Guokong and Liuzhou Chengtou, Liuzhou Yuanhong, and Liuzhou Jingtou signed a share transfer agreement. Liuzhou Chengtou intends to transfer its 25.46% stake in the company, Liuzhou Yuanhong intends to transfer its 0.55% stake, and Liuzhou Jingtou intends to transfer its 1.99% stake to Guangxi Guokong. The transfer price is 7.9742 yuan per share, and the total transfer price is 1.228 billion yuan. After this change in equity interests, Guangxi Guokong and its parties acting in concert will collectively hold 29.59% of the company’s shares. Guangxi Guokong will become the controlling shareholder of the company, and Guangxi State-owned Assets Supervision and Administration Commission (SASAC) will become the company’s actual controller. The company’s stock will resume trading on April 1, 2026 (Wednesday) at the start of trading.

Leman Optoelectronics: Plans to invest 5 million yuan in an industry fund, focusing on embodied intelligence and investments across relevant upstream and downstream segments

Leman Optoelectronics (300162) announced on March 31 that, to seize opportunities in cutting-edge fields such as embodied intelligence, the company plans to jointly invest with a professional investment institution, Yinbo Iteration Private Fund Management (Shanghai) Co., Ltd. (abbreviated as “Yinbo Iteration”), and other partners in Shanghai Yinbo Iteration Silicon-based Venture Capital Partnership (Limited Partnership) (abbreviated as “Industry Fund”). The Industry Fund plans to raise a total size of 300 million yuan. As of the date of disclosure of the announcement, the total amount subscribed by partners for the Industry Fund is 129 million yuan. The company plans to act as a limited partner and subscribe 5 million yuan using its own funds, accounting for 1.67% of the planned total raised funds. Yinbo Iteration is a professional investment institution, focusing on investments in embodied intelligence and relevant upstream and downstream segments of the industrial chain.

Jiahua Co., Ltd.: The actual controller is planning a change in control; the stock will be suspended

Jiahua Co., Ltd. (603182) announced on March 31 that the company’s actual controller, Zhang Guanling, and the company’s major shareholders are currently planning matters related to the transfer of the company’s shares, which may lead to a change in the company’s actual controller. The company’s stock will be suspended from trading starting from the opening of trading on April 1, 2026 (Wednesday). The expected suspension period will not exceed 2 trading days.

Zhongli Group: A warning letter will be issued because the 2024 Q1, interim, and Q3 reports disclosed operating revenue inaccurately

Zhongli Group (002309) announced on March 31 that the company recently received a decision from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission (abbreviated as “Jiangsu CSRC”), titled “Decision on Taking Measures of Issuing a Warning Letter to Jiangsu Zhongli Group Co., Ltd. and Relevant Personnel.” After investigation, the company has the following violations: On April 22, 2025, the company disclosed “Announcement on Correcting Accounting Errors and Retrospective Adjustments for Various Periods in the First Three Quarters of 2024.” It corrected the revenue recognition method for the company’s photovoltaic cell and module business conducted in 2024 from the “gross method” to the “net method,” thereby reducing the company’s operating revenue in the 2024 Q1, interim, and Q3 reports by 281 million yuan, 558 million yuan, and 658 million yuan respectively. As a result, the relevant information disclosed in the company’s 2024 Q1, interim, and Q3 reports was inaccurate. Jiangsu CSRC decided to take regulatory measures of issuing a warning letter to the company, to Wang Weifeng, the then Chairman and General Manager, and to Xu Juncheng, the then Chief Financial Officer, and to record the matter in the integrity file for the securities and futures market.

Hailiang Co., Ltd.: Plans to invest 5.05 billion yuan to build an annual 67,500-ton copper foil production line project

Hailiang Co., Ltd. (002203) announced on March 31 that its controlling subsidiary, Gansu Hailiang, plans to invest in and build an annual 67,500-ton copper foil production line project in Zhuji City, Zhejiang Province. The planned investment project will be implemented by establishing a wholly owned subsidiary, Zhejiang Hailiang New Energy Materials Co., Ltd., which will be set up by Gansu Hailiang as the investment entity. Construction will be carried out in three phases. After all phases are put into operation, it will form about 67,500 tons/year of electrolytic copper foil production capacity. The total project investment is expected to be 5.05 billion yuan.

Andeli: Participating in investment in a private equity fund; focusing on opportunities in industries such as electronic information

Andeli (605198) announced on March 31 that the company plans to act as a limited partner and contribute 50 million yuan of its own funds to subscribe for about 16.67% of the fund interests in the Sichuan Dingxing Future Venture Capital Fund (Limited Partnership). This partnership will mainly focus on opportunities in industries such as electronic information, adhere to “invest early, invest small, invest hard technology,” and focus on investing in angel-stage and early-stage technology-based enterprises with no less than 70% (70%) of the total subscribed contribution amount.

Jintian Co., Ltd.: Plans to invest in Vietnam to build a “high-precision copper busbar manufacturing project for liquid-cooled heat dissipation and rack busbars with an annual capacity of 30,000 tons”

Jintian Co., Ltd. (601609) announced on March 31 that the company plans to invest in Vietnam by first establishing a new company in Hong Kong, Hong Kong Zhilian, and then, through Hong Kong Zhilian, establishing a wholly owned subsidiary, Jintian Nacos Technology (Vietnam) Co., Ltd. (abbreviated as “Vietnam Nacos”). Using Vietnam Nacos as the project entity, the company will invest in Vietnam to build the “high-precision copper busbar manufacturing project for liquid-cooled heat dissipation and rack busbars with an annual capacity of 30,000 tons,” with a planned total investment of no more than 600 million yuan.

Far Sheng: The business does not involve fiber optics or special fiber optics; there is no situation involving restructuring or being acquired via a shell company

Far Sheng (000890) announced on March 31 an announcement regarding abnormal fluctuations in stock trading and a risk disclosure. The company’s stock closing price increased by a cumulative amount deviating from the limit value of more than 26.40% over three consecutive trading days on March 27, March 30, and March 31, 2026. According to relevant regulations, this falls under abnormal fluctuations in stock trading. The company’s business does not involve “fiber optics” or “special fiber optics.” There is no situation involving “restructuring” or “being acquired via a shell company.” The internet rumors mentioning Jiangsu Far Sheng Optics & Communications Technology Co., Ltd. and Jiangsu Far Sheng Optoelectronic Technology Co., Ltd. are both subsidiaries under the company’s controlling shareholder. There is no equity relationship between them and the listed company, and there is also no business dealings. As of the disclosure date of this announcement, the company has no plan to restructure the two companies mentioned above.

Sichuan Road & Bridge: Plans to acquire 49% equity of Sichuan Tiejian for 682 million yuan

Sichuan Road & Bridge (600039) announced on March 31 that the company plans to acquire 49% equity of its controlling subsidiary, Sichuan Provincial Railway Construction Co., Ltd. (abbreviated as “Sichuan Tiejian”), held by Sichuan Shudao Railway Investment Group Co., Ltd. in a non-public agreement-based manner. The acquisition price is 682 million yuan. After completion of this acquisition, the company will achieve wholly controlled ownership of Sichuan Tiejian.

Pingtan Development: In the short term, the stock price has increased significantly and has severely diverged from the fundamentals

Pingtan Development (000592) announced on March 31 an announcement on abnormal fluctuations in stock trading and a risk disclosure. The company’s stock closing price increased for two consecutive trading days (March 30 and March 31), with the cumulative deviation from the limit value exceeding 20%. According to relevant regulations, this falls under abnormal fluctuations in stock trading. In the short term, the stock price has risen significantly and has severely diverged from the company’s fundamentals. As of March 31, 2026, based on the latest data from China Securities Index Co., Ltd., the company’s latest trailing price-to-earnings ratio is 592.88 times, and the price-to-book ratio is 12.87 times. The trailing price-to-earnings ratio corresponding to the industry classification “C20 Wood Processing and Products of Wood, Bamboo, Rattan, Palm, and Grass” for the company is 28.75 times, and the price-to-book ratio is 3.06 times. The company’s current trailing price-to-earnings ratio and price-to-book ratio differ significantly from those of companies in the same industry.

Youzu Network: Plans to subscribe for part of the interests in the Yunhui Fund for 30 million yuan; broadening investment plans in new technologies and new scenarios

Youzu Network (002174) announced on March 31 that the company recently signed an “Admission Agreement” for the Anhui Yunhui Digital Culture Technology Investment Fund (Limited Partnership) with the general partner and the executive affairs partner of the Anhui Yunhui Digital Culture Technology Investment Fund (Limited Partnership) (abbreviated as “Yunhui Fund”), namely Zhuhai Yunxiao Enterprise Management Co., Ltd. The company, as a limited partner, will use 30 million yuan of its own funds to participate in the subscription for fund interests. The investment amount will account for 2.7485% of the total fund amount after subscription. The Yunhui Fund focuses on cutting-edge development areas such as digital technology and has deep understanding of the industry and rich investment experience. The company’s participation in investing in the Yunhui Fund aligns with the company’s direction for long-term strategic planning and is beneficial for leveraging the project sourcing and value judgment capabilities of professional investment institutions to capture industrial opportunities in the cutting-edge digital culture technology sector. It will also broaden the company’s investment layout prospects in new technologies and new scenarios, reserve high-quality assets and technology-synergy resources for the long-term development of its business, and continuously enhance the company’s overall competitive strength.

Wanquan Group: Has re-submitted its H-share issuance and listing application to the Hong Kong Stock Exchange

Wanquan Group (300972) announced on March 31 that the company has on March 30 re-submitted to the Hong Kong Exchanges and Clearing Limited (abbreviated as “Hong Kong Stock Exchange”) its application to issue overseas listed shares (H shares) and list them on the Main Board of the Hong Kong Stock Exchange. On the same day, it also published the application materials for this issuance and listing on the website of the Hong Kong Stock Exchange.

China National Salt Chemical: A subsidiary’s production license for workplace safety has expired and it has suspended operations

China National Salt Chemical (600328) announced on March 31 that, according to the annual plan and arrangement, starting from March 22, 2026, the company’s wholly owned subsidiary, Zhongyan Kunshan Co., Ltd. (abbreviated as “Zhongyan Kunshan”), will suspend production for annual maintenance and inspections. On March 27, due to the expiration of its “Work Safety Production License,” Zhongyan Kunshan received from the Kunshan Municipal Emergency Management Bureau a “Decision on On-site Handling Measures,” notifying it to temporarily suspend operations starting from March 27. Zhongyan Kunshan’s main products are soda ash and ammonium chloride, and it is currently in a loss-making state. The specific impact of this production suspension on the company’s operating data will be based on subsequent audited financial reports.

【Reviewing Performance】

Sungrow Power: 2025 net profit up 21.97% year over year; plans to distribute 6.9 yuan per 10 shares

Sungrow Power (300274) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 89.184 billion yuan, up 14.55% year over year; attributable to shareholders net profit of 13.461 billion yuan, up 21.97% year over year; and basic earnings per share of 6.55 yuan. The company plans to distribute a cash dividend of 6.9 yuan for every 10 shares (including tax). During the reporting period, the company’s operating revenue increased by 14.55% year over year; operating costs increased by 11.46% year over year; gross margin was 31.83%, up 1.89% year over year, mainly due to factors such as brand premium, product innovation, and economies of scale effects. Attributable to shareholders net profit increased by 21.97% year over year. Selling expenses increased by 28.49% year over year, mainly to meet the needs arising from the company’s continuously expanding scale and deepening global layout, resulting in increased spending on personnel and other costs.

Xianglu Tungsten: Net profit in 2025 was 144 million yuan; turned losses into profits year over year; plans to distribute 1.38 yuan per 10 shares

Xianglu Tungsten (002842) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 2.409 billion yuan, up 37.71% year over year; attributable to shareholders net profit of 144 million yuan, after a loss of 89.5027 million yuan in the same period last year, resulting in a year-over-year turnaround to profit; and basic earnings per share of 0.46 yuan. The company plans to distribute a cash dividend of 1.38 yuan for every 10 shares (including tax). During the reporting period, the price of tungsten metal raw materials continued to rise throughout the year, and the supply-demand situation in the tungsten market improved compared with previous years. As one of the major domestic manufacturers of tungsten products and tungsten materials, the company’s bargaining power for tungsten products improved. The upward movement in raw material prices was transmitted smoothly to downstream product pricing. As a result, the gross margin and gross profit of major products grew significantly. Sales order volume for cemented carbides increased significantly year over year. Meanwhile, the production capacity of tungsten filaments for photovoltaic use was gradually released. At the same time, the company strengthened cost control, improved profitability, and increased revenue and gross profit contribution year over year, providing an important support for performance growth.

Jihong Co., Ltd.: 2025 net profit up 52.16% year over year; plans to distribute 1.8 yuan per 10 shares

Jihong Co., Ltd. (002803) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 6.722 billion yuan, up 21.56% year over year; attributable to shareholders net profit of 277 million yuan, up 52.16% year over year; and basic earnings per share of 0.67 yuan. The company plans to distribute a cash dividend of 1.8 yuan for every 10 shares (including tax). During the reporting period, its cross-border social e-commerce business achieved operating revenue of 4.373 billion yuan, up 29.93% year over year; attributable to shareholders net profit of 107 million yuan, up 86.81% year over year. Its packaging business achieved operating revenue of 2.345 billion yuan, up 11.71% year over year; attributable to shareholders net profit of 184 million yuan, up 27.67% year over year. While consolidating its traditional advantages in Southeast Asia and Northeast Asia, the company also actively expanded into regions such as Europe and launched the “E-commerce Partner Program,” modularizing and productizing the company’s mature “technology + operations” capabilities, further activating the potential for regional sales growth.

Tongfei Co., Ltd.: 2025 net profit up 64.84% year over year; plans to distribute 3 yuan per 10 shares

Tongfei Co., Ltd. (300990) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 2.867 billion yuan, up 32.75% year over year; attributable to shareholders net profit of 253 million yuan, up 64.84% year over year; and basic earnings per share of 1.49 yuan. The company plans to distribute a cash dividend of 3 yuan for every 10 shares (including tax). In 2025, operating performance increased compared with the same period last year, mainly due to the rapid growth of power electronic device thermal control products.

Three Gorges New Energy: 2025 net profit 3.669 billion yuan; down 39.94% year over year

Three Gorges New Energy (600905) released an earnings quick report on March 31. In 2025, total operating revenue was 28.399 billion yuan, down 4.43% year over year; net profit attributable to shareholders of listed companies was 3.669 billion yuan, down 39.94% year over year; and basic earnings per share was 0.1283 yuan. During the reporting period, due to factors such as changes in consumption/curtailment conditions in certain regions, the electricity generation volume did not meet expectations. Due to the market environment, the average grid price decreased year over year. Based on the principle of prudence, the company increased the allowance for impairment year over year for certain long-term assets such as equity investments and fixed assets and goodwill.

Sangxin Aware: 2025 net profit up 99.52% year over year; plans to distribute 1.1 yuan per 10 shares

Sangxin Aware (300454) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 8.043 billion yuan, up 6.96% year over year; attributable to shareholders net profit of 393 million yuan, up 99.52% year over year; and basic earnings per share of 0.93 yuan. The company plans to distribute a cash dividend of 1.1 yuan for every 10 shares (including tax). During the reporting period, the company’s cloud computing and IT infrastructure business revenue was 4.010 billion yuan, up 18.50% year over year, and its revenue share increased to 49.86%. The company’s cybersecurity business revenue was 3.540 billion yuan, down slightly by 2.46% year over year, accounting for 44.01% of the company’s total revenue. Competition in the domestic enterprise-grade wireless and switch market remains fierce. Its subsidiary Xinrui Network Technology actively optimized its business structure, stabilized its core base, and achieved revenue of 493 million yuan from basic network and IoT business, down 2.69% year over year, accounting for 6.13% of the company’s total revenue.

Linggang Co., Ltd.: 2025 loss of 1.557 billion yuan; narrowed loss year over year

Linggang Co., Ltd. (600231) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 15.661 billion yuan, down 13.46% year over year; net profit attributable to shareholders was a loss of 1.557 billion yuan, compared with a loss of 1.678 billion yuan in the same period last year. During the reporting period, cumulative steel production was 48.800 million tons, down 6.81% year over year; iron production was 45.698 million tons, down 5.54% year over year; and steel commodity volume was 43.568 million tons, down 15.08% year over year. Among them, special steel products were 30.185 million tons, up 4.85% year over year.

Health Yuan: 2025 net profit down 3.68% year over year; plans to distribute 2.2 yuan per 10 shares

Health Yuan (600380) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 15.216 billion yuan, down 2.58% year over year; attributable to shareholders net profit of 1.336 billion yuan, down 3.68% year over year; and basic earnings per share of 0.73 yuan. The company plans to distribute a cash dividend of 2.2 yuan for every 10 shares (including tax). In the reporting period, the healthcare food segment demonstrated very strong growth resilience. Against the high base in the same period last year, this segment still achieved about 37% year-over-year growth in revenue.

Kuiji Mountain: 2025 net profit up 24.7% year over year; plans to distribute 3 yuan per 10 shares

Kuiji Mountain (601579) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 1.822 billion yuan, up 11.68% year over year; attributable to shareholders net profit of 245 million yuan, up 24.7% year over year; and basic earnings per share of 0.52 yuan. The company plans to distribute a cash dividend of 3 yuan for every 10 shares (including tax). During the reporting period, the company’s main business revenue mainly came from the sales of yellow wine, accounting for 89.08% of its main business revenue.

Zhejiang Rongtai: 2025 net profit up 20.9% year over year; plans to convert 3 shares for every 10 shares and distribute 2.3 yuan

Zhejiang Rongtai (603119) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 1.376 billion yuan, up 21.24% year over year; attributable to shareholders net profit of 278 million yuan, up 20.9% year over year; and basic earnings per share of 0.77 yuan. The company plans to distribute cash dividends of 2.3 yuan for every 10 shares to all shareholders (including tax), and to increase 3 shares for every 10 shares from capital reserve. The growth in revenue for this period is mainly due to the steady growth in sales of composite materials during this period and the added revenue from precision structural components.

Huangshi Group revises its 2025 performance forecast: Expected net loss of 4.2 billion yuan—4.9 billion yuan

Huangshi Group (002329) issued on March 31 an announcement on revising its 2025 performance forecast. It expects net profit attributable to shareholders to be a loss of between 420 million yuan and 490 million yuan. The company’s original forecast for net profit attributable to shareholders was a loss of between 190 million yuan and 280 million yuan. When preparing the earlier performance forecast, due to the annual audit work not yet being carried out comprehensively, the company mainly based its assessment of impairment of its long-term equity investment in Tai’an Zhishui City Operation Co., Ltd. (abbreviated as “Zhishui Operation”) on internal materials and data provided by the investee. After confirmation through a special assessment, the recoverable amount of the investee is lower than the amount previously estimated by the company, resulting in a significant difference between the book value of the long-term equity investment and the amount assessed.

Jiansing Co., Ltd.: Revenue related to commercial aerospace is 3.7124 million yuan, accounting for less than 1% of operating revenue for 2025

Jiansing Co., Ltd. (002361) issued on March 31 an announcement regarding abnormal fluctuations in stock trading. The stock price of the company deviated from the limit value by a cumulative amount of more than 20% over two consecutive trading days on March 30 and March 31, 2026. The company noted that the market’s attention to its commercial aerospace business is currently high. As of the end of 2025, the company’s revenue related to commercial aerospace was 3.7124 million yuan, accounting for less than 1% of its operating revenue for 2025. The proportion is small. Investors are advised to pay attention to investment risks.

Shengtun Mining: First-quarter net profit expected to increase by 226.27%—294.95% year over year

Shengtun Mining (600711) announced on March 31 its performance forecast for Q1. It expects that in the first quarter of 2026, net profit attributable to shareholders of listed companies will be between 950 million yuan and 1.15 billion yuan, representing an increase of 226.27% to 294.95% compared with the same period last year. During the reporting period, the company’s Congo (DRC) copper-cobalt project achieved year-over-year growth in copper product output. At the same time, the copper price in this period remained at a historically high level, rising compared with the same period last year. Therefore, the company’s performance increased year over year.

Zhejiang Securities: Performance quick report—2025 net profit 2.412 billion yuan, up 24.87%

Zhejiang Securities (601878) announced on March 31 a performance quick report for 2025. In 2025, the company achieved total operating revenue of 8.841 billion yuan, up 35.95% (adjusted); attributable to shareholders net profit of 2.412 billion yuan, up 24.87% (adjusted); and basic earnings per share of 0.53 yuan. At the end of 2025, the company’s total assets increased by 45.90% compared with the end of last year; and owner’s equity attributable to shareholders of listed companies increased by 4.54% compared with the end of last year.

China Zhenzhou Information: 2025 net profit 56.4283 million yuan; turned losses into profits year over year; plans to distribute 0.1 yuan per 10 shares

China Zhenzhou Information (000555) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 13.163 billion yuan, up 31.59%; attributable to shareholders net profit of 56.4283 million yuan, turned losses into profits year over year; and basic earnings per share of 0.0587 yuan. The company will distribute a cash dividend of 0.1 yuan for every 10 shares to all shareholders (including tax). During the reporting period, in the field of financial digitization, the financial industry achieved operating revenue of 4.526 billion yuan. In the field of digitization for government and enterprises, the company’s revenue from government and enterprise business was 7.172 billion yuan. In the field of digitization for telecom operators, the company’s revenue from operator business was 1.445 billion yuan.

Shanghai Port Group: 2025 net profit down 9.29% year over year; plans to distribute 1.45 yuan per 10 shares

Shanghai Port Group (600018) announced its annual report on March 31. In 2025, operating revenue was 39.611 billion yuan, up 3.92%; attributable to shareholders net profit was 13.565 billion yuan, down 9.29%; and basic earnings per share was 0.5837 yuan. The company plans to distribute a cash dividend of 1.45 yuan for every 10 shares to all shareholders (including tax). During the reporting period, the company’s parent port cargo throughput completed 600 million tons, up 3.4% year over year; and parent port container throughput completed 55.063 million TEUs, up 6.9% year over year, maintaining the world’s No. 1 position for the 16th consecutive year.

Star Semiconductor Technology: Earnings quick report—2025 net profit 405 million yuan, down 20.2%

Star Semiconductor Technology (603290) announced an earnings quick report for 2025 on March 31. In 2025, it achieved operating revenue of 4.012 billion yuan, up 18.34%; net profit attributable to shareholders of listed companies of 405 million yuan, down 20.2% year over year; and basic earnings per share of 1.69 yuan. During the reporting period, the company’s operating revenue achieved steady growth and reached a record high. However, due to factors such as intensified market competition in certain downstream industries and rising raw material costs, the company’s consolidated gross margin declined year over year.

China Satcom: 2025 net profit down 2.92% year over year; plans to distribute 0.314 yuan per 10 shares

China Satcom (601698) disclosed its annual report on March 31. In 2025, it achieved operating revenue of 2.645 billion yuan, up 4.08%; attributable to shareholders net profit of 441 million yuan, down 2.92% year over year; and basic earnings per share of 0.1044 yuan. The company plans to distribute a cash dividend of 0.314 yuan for every 10 shares (including tax). During the reporting period, (1) in the broadcasting and television market, the core business base was relatively stable, and it rapidly advanced the ultra-high-definition action plan, successfully achieving 4K programs uplink and satellite transmission in nine provinces and cities. (2) In the industry market, the capability to generate revenue continued to strengthen; the company signed nearly 5,000 new high-throughput access points and nearly 1,000 IoT access points during the whole year, and its revenue generation capability continued to increase. (3) In the international market, its business footprint was expanded in depth. ChinaSat 26 was successfully deployed in Laos and network services were launched; high-throughput business achieved overseas commercial operations for the first time. (4) In the maritime and aviation markets, its business model continued to innovate. It continuously deepened cooperation with companies such as COSCO Shipping, achieving VSAT solutions integrating narrowband and broadband for commercial use on 50 maritime platforms. It won the national-level project for the civil aviation university innovation platform, achieving the transformation of results of front-end core technologies for the first time; it signed a system development services agreement with Air China, enabling the airline operator’s operations for the first time with the company’s own platform development capabilities. (5) Consumer scenarios at the mass-market level became gradually clearer. Together with auto companies, it provides satellite vehicle services to about 1,000 customers, building a “satellite internet cyber cafe” and providing satellite coverage services for more than 5,000 participants in major events. It established unified channel pricing and incentive strategies, and the ecosystem channel commercialization business model accelerated in formation.

Wall Nuclear Materials: 2025 net profit up 34.96% year over year; plans to distribute 1.65 yuan per 10 shares

Wall Nuclear Materials (002130) disclosed its annual report on March 31. In 2025, the company achieved operating revenue of 8.451 billion yuan, up 22%; attributable to shareholders net profit of 1.144 billion yuan, up 34.96%; and basic earnings per share of 0.92 yuan. The company plans to distribute a cash dividend of 1.65 yuan for every 10 shares (including tax). During the reporting period, all of the company’s major business segments achieved growth to varying degrees. Among them, the communication cable business grew most significantly, and the new energy vehicle product business also achieved good growth. Overall, the company’s operating performance maintained a steady growth trend.

【Share Purchases and Sales】

Spring Airlines: The controlling shareholder proposes to repurchase shares worth 300 million—500 million yuan

Spring Airlines (601021) announced on March 31 that the controlling shareholder, Shanghai Spring International Travel Service (Group) Co., Ltd., proposed to repurchase shares worth 300 million—500 million yuan to safeguard the company’s value and shareholders’ interests. Subsequently, the company will sell the shares using centralized bidding trading.

Conglin Technology: Plans to repurchase shares of 25 million—50 million yuan

Conglin Technology (688370) announced on March 31 that it plans to repurchase shares of 25 million—50 million yuan. All repurchased shares will be used, in the future at suitable times, for implementing the company’s employee share ownership plan or equity incentives. The repurchase price shall not exceed 41.86 yuan per share (including).

Lainuo Medicine Packaging: The controlling shareholder plans to sell 2.99% of the company’s shares through an inquiry-based transfer

Lainuo Medicine Packaging (301188) announced on March 31 that a shareholder holding 28.74% of the shares, Lainuo Investment Holding Group Co., Ltd. (the company’s controlling shareholder and an entity controlled by the company’s actual controller; some of the company’s directors indirectly hold shares of the company through the transferor), plans to transfer 8 million shares of the company through an inquiry-based transfer, representing 2.99% of the company’s current total share capital.

Cenleain Lawn: The controlling shareholder’s party acting in concert plans to reduce its stake by no more than 1%

Cenleain Lawn (605099) announced on March 31 that the shareholder Huai’an Chuangxiang Venture Capital Center (Limited Partnership) (abbreviated as “Chuangxiang Investment”) holds 1.11% of the company’s shares, and the shareholder Wang Qiangzhong holds 2.36% of the company’s shares. These shareholders are both parties acting in concert with one of the company’s controlling shareholder and actual controller, Wang Qiangxiang. Chuangxiang Investment and Wang Qiangzhong plan to reduce their holdings respectively by no more than 2 million shares each, through centralized bidding and block transactions, meaning each will reduce by no more than 0.5% of the total number of the company’s shares.

Erkang Pharmaceutical: The controlling shareholder plans to reduce its stake by no more than 2.04%

Erkang Pharmaceutical (300267) announced on March 31 that the controlling shareholder Shuifang Wen plans to reduce its holdings of the company’s shares by a total of no more than 42 million shares, in aggregate, through centralized bidding or block transactions, which is no more than 2.04% of the company’s total share capital. The total number of shares reduced by the above shareholders through centralized bidding transactions within any consecutive 90 natural days shall not exceed 1% of the company’s total share capital; the total number of shares reduced through block transactions within any consecutive 90 natural days shall not exceed 2% of the company’s total share capital.

Hanghua Co., Ltd.: Shareholders plan to reduce their holdings by no more than 3%

Hanghua Co., Ltd. (688571) announced on March 31 that T&K TOKA Co., Ltd., a shareholder holding 26.36% of the shares, due to its own capital needs, plans to reduce the number of shares it holds in the company in total by no more than 12.7251 million shares, representing no more than 3% of the company’s total share capital, through centralized bidding and block transactions.

Western Materials: The controlling shareholder plans to reduce its holdings by no more than 1%

Western Materials (002149) announced on March 31 that the controlling shareholder, Northwest Nonferrous Metals Research Institute, plans to reduce its holdings of the company’s shares by no more than 4.8821 million shares (representing 1% of the company’s total share capital) through centralized bidding or block transactions.

Anxu Bio: Plans to repurchase shares of 25 million—49 million yuan

Anxu Bio (688075) announced on March 31 that it plans to repurchase shares of 25 million—49 million yuan for an employee share ownership plan or equity incentives. The repurchase price shall not exceed 41 yuan per share (including).

Huangshangshang: The controlling shareholder’s party acting in concert, Xinyu Huangshangshang, terminates an agreement transfer of 5.88% of the company’s shares

Huangshangshang (002695) announced on March 31. On February 12, 2026, the controlling shareholder’s party acting in concert, Xinyu Huangshangshang Investment Management Center (Limited Partnership) (abbreviated as “Xinyu Huangshangshang”), signed a “Share Transfer Agreement” with Jilin Province Rongyue Equity Investment Fund Management Co., Ltd. (representing “Rongyue Chunhe Dunxing Private Securities Investment Fund”) (abbreviated as “Rongyue Private Fund”). Under the agreement transfer, Xinyu Huangshangshang intends to transfer 32.928 million shares of the company it holds to Rongyue Private Fund at a price of 11.5 yuan per share, representing 5.88% of the company’s total share capital. On March 31, 2026, the company received from Xinyu Huangshangshang a notice letter regarding the termination of the agreement transfer. Since the parties to the agreement transfer have not actually performed the “Share Transfer Agreement,” after consultation and agreement between the parties to the equity transfer, this agreement transfer is terminated. Neither party to the agreement transfer needs to bear liability for breach of contract.

Softcom Dynamics: Plans to repurchase shares worth 100 million—200 million yuan

Softcom Dynamics (301236) announced on March 31 that the company plans to use its own funds and/or raised funds of 100 million—200 million yuan to repurchase shares by means of centralized bidding transactions for an employee share ownership plan or an equity incentive plan. The repurchase price shall not exceed 68.57 yuan per share.

【Sign Major Orders】

Changxin Technology: Subsidiary signs a 262 million yuan computing power service contract

Changxin Technology (300088) announced on March 31 that it recently received the “Computing Power Service Contract” signed between its subsidiary, Wuhu Changxin Zhisuang Technology Co., Ltd. (abbreviated as “Changxin Zhisuang”), and China Unicom (Qinghai) Green Electricity Computing Power Technology Co., Ltd. (abbreviated as “China Unicom Qinghai Lvsuan”). The contract amount including tax for this signed contract is 262 million yuan, and the contract service period is five years. The company’s computing power-related business is still in its early stages, so it does not constitute a material impact on the company’s current main business structure and overall operating performance.

Juhua Technology: Won a bid for a 84.7582 million yuan State Grid procurement project

Juhua Technology (300360) announced on March 31 that the company is a winning bidder for the “State Grid Corporation of China 2026 marketing project—special open bidding procurement for metering equipment,” with a total of 3 packages. The total quantity is 438,000 units, and the total amount is 84.7582 million yuan.

Pinggao Electric: Total bid award of about 1.223 billion yuan for State Grid procurement projects

Pinggao Electric (600312) announced on March 31 that recently the electronic commerce platform of State Grid Corporation of China published bidding award announcements including: “State Grid Corporation of China 2026 transmission and distribution projects—first public bidding procurement for equipment (including cables),” “State Grid Corporation of China 2026 transmission and distribution projects—first direct procurement (single-source)成交 announcement,” “State Grid Corporation of China 2026 ultra-high-voltage projects—first public bidding procurement for equipment,” and “State Grid Corporation of China 2026 Qinghai-Tibet Railway electrification—supporting external power engineering—first public bidding procurement for equipment.” The company, its subsidiaries, and joint ventures are the winning bidders for the related projects, with a combined winning amount of about 1.223 billion yuan, accounting for 9.86% of the company’s operating revenue in 2024.

Fulongma: Three environmental sanitation service projects preliminarily won in March

Fulongma (603686) announced on March 31 that in March, the company preliminarily won three environmental sanitation service projects, with a total first-year service fee amount of 7.1827 million yuan (accounting for 0.14% of the company’s audited operating revenue for 2024), and the total contract amount is 7.1827 million yuan. As of the disclosure date of the announcement, the number of environmental sanitation service projects won by the company in this year is 13, with a total first-year amount of 110 million yuan, and the total contract amount of 296 million yuan. As of the disclosure date of the announcement, for the environmental sanitation service projects it is performing, the annualized contract value is 39.52 billion yuan, and the total contract amount is 32.771 billion yuan.

Changgao Dianxin: Subsidiaries jointly won 181 million yuan in State Grid procurement projects

Changgao Dianxin (002452) announced on March 31 that on March 31, 2026, the electronic commerce platform of State Grid Corporation of China published the “State Grid Corporation of China 2026 transmission and distribution projects—first public bidding procurement for equipment (including cables) winning announcement” and the “State Grid Corporation of China 2026 transmission and distribution projects—first direct procurement (single-source)成交 announcement.” The company’s wholly owned subsidiaries, Hunan Changgao Electric Co., Ltd., Hunan Changgao High-voltage Switch Co., Ltd., Hunan Changgao Complete Equipment Co., Ltd., and Hunan Changgao Senyuan Power Equipment Co., Ltd., separately won bids for three categories of products: combination electrical devices, isolating switches, and switchgear cabinets. Among the above bidding projects, the four subsidiaries jointly won 181 million yuan, accounting for 10.31% of the company’s audited consolidated operating revenue for 2024.

Bonbon Garments: Plans to sign a daily operating major contract with a related party, Xineng Textile, with an amount not exceeding 1 billion yuan

Bonbon Garments (002269) announced on March 31 that for 2026, the company has voluntarily reached a cooperation arrangement with its related party, Guizhou Bonbon Xineng Textile Garment Technology Co., Ltd. (abbreviated as “Xineng Textile”). The company or its subsidiaries will purchase goods from Xineng Textile. The expected amount of the related-party transaction is not more than 1 billion yuan. If, within the contractually agreed period, the transaction reaches the upper limit, after approval by both parties’ boards of directors or shareholders’ meetings, the parties may separately sign an additional agreement to increase the cooperation amount upper limit. Xineng Textile has a related relationship with the company. The company’s Chairman and President Zhou Chengjian also serves as the general manager of Xineng Textile.